As of May 16, 2024, during the Asian trading session, the US Dollar experienced a slight increase against the Canadian Dollar, positioned just above the 1.3600 threshold. This movement reflects a subtle yet noteworthy shift in market dynamics as traders position themselves in anticipation of forthcoming economic indicators.
From Canada, no significant economic announcements are expected today, which places greater emphasis on data releases from the United States. Notably, the market is braced for the release of the Initial Jobless Claims data from the U.S. This key employment indicator is closely monitored as it provides essential insights into the health of the labor market and can significantly impact currency valuations.
Amid these developments, individuals leveraging advanced AI technologies in their trading strategies reported substantial success. Remarkably, these traders managed to forecast market movements effectively on autopilot, generating over a 34% Return on Investment within the last 24 hours. Find out more about this innovative trading approach here.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3694 | Daily R2 |
| Resistance 1 | 1.3632 | Daily R1 |
| Support 1 | 1.3586 | Daily S1 |
| Support 2 | 1.3569 | Daily S2 |
USDCAD Indicator Table – 16/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 16/05/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Sell | Buy | Buy |
USDCAD 16/05/2024 – Reference Price : 1.3609
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (2)Sell (1) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
